How to Market to Rich People

Are you wondering how you can attract rich clients into your business? Maybe you have a product or service that could be in demand with wealthy people, but you’re unsure how to make your business attractive to that target market.

Do you get triggered by clients who have a lot of money? Or do you think your business isn’t ready or good enough?

I know just how that feels. I wondered the same thing for a LONG time, and then I realized that rich people are normal people, just like you and me – and I then I became one, too!

Becoming rich and making more money in my business really convinced me that there are SOME things that are different when you’re marketing to rich people, but not as many as you think!

Let’s talk about those things now, so that you can up-level your business marketing to rich people!

Rich is normal

The first thing you need to know when you want to attract more rich clients into your business is that they’re normal people, like you and me.

I don’t mind telling you that I’m a self-made millionaire. I don’t think there’s anything particularly different about me either, and neither do a lot of the other rich women I know.

This isn’t about having a business that makes luxurious high-end goods or things made out of gold and diamonds.

Rich people eat, work, spend time with their families, have hobbies and get insecure about the same things as anyone else. And they pay for products and services that they think will improve their lives, just like anyone else.

So if you’re selling something that a rich person needs, then you’re on your way!

Here’s what you need to know…

Rich people value efficiency

One thing you need to realize is that money is no longer the primary currency for most rich people. Sure – smart rich people look after their money, and won’t pay a premium price for something that doesn’t seem worth it, but price alone won’t be the sole deciding factor in their buying decision.

Do you believe that?

There are MANY people (and not just the super wealthy) who don’t care what something costs if they need or want it.

Getting a bargain isn’t their primary goal.

So what is?

Efficiency.

Save them time. Save them effort.

Not having to work to actually get the product to do what it says it should goes a long way towards clinching the sale.

Fulfill a need they have. Make them look good. Help them achieve mastery in areas they need help in so that they can learn and grow – which, after food and shelter, are fundamental human needs.

I constantly buy things that save me time and therefore free me up to make more money in my business.

Plus, I don’t always have the time to learn how to do something myself. So rather than buy a DIY solution, I will often find an expert to help me cut corners and achieve results quicker.

Some rich people don’t want to take the time to sift through the entire internet for the solution. They want someone who has already curated the information and can provide it to them in an all-in-one package.

The next thing is…

Up-level your business

Not everyone wants to market to rich people, and that’s okay. The target market you choose to serve doesn’t mean anything about you as a person, that you’re snobby or don’t care about your clients.

If your branding needs an update, do it! Charging a premium price can look wrong if your branding is tired and old-looking.

The best thing you can do is make your website as easy to use and as clear as possible. Make sure that your rich client doesn’t have to waste time figuring out how to book you or buy from you.

Don’t be shy. Be confident and tell them the next step. Be proud of what you can offer them.

(By the way, this appeals to all markets too, not just rich people!)

Anddon’t be obvious! Marketing to rich people doesn’t mean just uploading images of private jets to your website. Remember what I said before: efficiency and being an expert in something they need will win you rich clients.

Once your branding is upgraded, you can upgrade your prices too. (And if this pushes your buttons and triggers panic in you, I’ve got a resource just for you at the end of this article!)

Finally, look after your clients really well.

Make the service seamless. Put in automated systems so that there are no hitches or glitches in the path that a client takes through your business.

Making these changes doesn’t have to break the bank. You can totally still save money in your business while you’re also up-leveling to attract rich clients!

When it comes to services, make sure that you…

Offer something they value

Offer services that appeal to cash-rich, time-poor people. Rich people aren’t spoiled, they just don’t always have the time or patience to wait.

This could be a VIP option where they get to go to the front of the queue or receive premium service, or just an option to pay to get all the bells and whistles that you offer in one convenient package.

Some people want instant gratification and are willing to pay a premium price for it.

Some services that I’ve bought recently that save me time and effort are:

A sleep consultant for baby George. Yes, I could have read a book but I wanted someone to come to my house at my convenience because the lack of sleep was affecting my life and business.

An interior designer to pick paint colors and just tell me what furniture to buy, as it’s not something I enjoy.

A handyman to assemble flat pack furniture instead of hassling my hubby to do it and take time out of HIS money making business.

A healthy food delivery service because I’d rather work than cook, and I’d eat popcorn every day for lunch otherwise.

Home massage, and private yoga instruction, because otherwise, I’ll never do it.

All of these suppliers have cheaper versions, either a DIY ebook or blogs. Or I could have figured it out from watching free YouTube videos, but my time is worth more than the money I spent.

Even if rich people aren’t your target market, offer a higher priced option to capture the people who want your product or service NOW!!

Remember: make it EASY for a rich person to buy from you!

One last thing!

You might be surprised to hear that you can turn OFF wealthy clients by pricing your services too cheaply.

If you struggle with pricing, and all of this talk about selling to rich people makes you freak out, don’t worry!

I’ve got a resource to share with you: my free Lucky Bitch Pricing Course takes you through my best pricing strategies, so you can get your offerings sorted and market yourself effectively to rich people.

Join the Money Course everyone's raving about

Comments

So true that many people don’t even consider the price of a product when they buy it – quite often they are looking for efficiency, extra inclusions or even that luxury factor.
I learned this when I started working as a travel agent and I kept un-knowingly projecting my own money mindset onto my prospective clients. Judging what they were willing to spend by certain cues they gave me instead of taking everyone at face value and not assuming that they could only afford so much. When I opened up to just presenting the higher value products and asking for the booking, I realised there were tons of people out there that wanted to buy the more premium products and I had been doing them a dis-service by not offering those items in the past!
Such a great reminder today Denise! Thank you x

Thank you very much for this! Tired of the ‘plastic taste’ of mass-produced condiments at supermarkets, I recently started making and bottling much healthier alternatives. I knew it was going to take a heck of a lot of educating most people about the benefits of my products as compared to the additives-laden ones at the shops, so I was sort of prepared. Imagine my joy when rich people started paying attention to my products and readily paying for them. One of then actually asked why I was selling a particular condiment ‘so cheap’. I was floored, but I concluded he was right and took it up a notch. You are really spot on. They also appreciate the packaging (the fact that it’s in glass bottles and not plastic, and the labels I so painstakingly created). It feels great and they are now my market for sure. Thanks again.

Perfect timing! thanks Denise for such great content as usual. Was second guessing myself on pricing etc so this has reinforced what my intuition was desperately saying. It’s my time and I am ready for it! 🙂 xo

Thanks Denise for this post on pricing. It is a challenging aspect of my business.

Following substantial research I priced my children’s picture book at A$16.95 and buyers consistently said they expected to pay A$20.00 Finally I listened and have raised the price with the start of the new financial year.